DTN Midday Grain Comments 09/01 11:32

DTN Midday Grain Comments 09/01 11:32 Wheat, Soy Higher at Midday Mixed action at midday to start the month with winter wheat and soybeans firm, corn and spring wheat lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 45 points. The interest rate products are lower. The dollar index is 10 higher. Energies are mixed with crude down 0.15. Livestock trade is mostly higher. Precious metals are higher with gold up $4.60. CORN Corn trade is 3 to 4 cents lower with trade giving back the early gains with sellers returning due to yield expectations remaining elevated. On the chart the down trend is still mostly intact. Weather looks to be fading as far as any story for corn now with more seasonable temperatures, although maturity is still lagging in many areas. Ethanol blender margins remain strong but have narrowed a bit this morning. Spread trade has remained soft with basis fading a bit with roll to the December front month trade in many areas. On the December chart support is at the $3.44 1/4 low printed Thursday with resistance at the $3.54 1/2 10-day then the $3.64 1/2 20-day moving average. SOYBEANS Soybean trade is 2 to 4 cents higher at midday with trade trying to extend gains, market bulls continue to talk up the good demand story. Meal is flat to $1 lower and soybean oil is 25 to 35 points higher. Much of the belt looks dry in the near term, with the frost threat fading. The energy strength has stalled but the dollar remains low keeping the export optimism around. AT this juncture most expect a quiet afternoon of trade ahead of the long holiday weekend. On the November chart support is the 20-day at $9.43 1/2, with resistance at the new three week high at $9.52, printed this morning, then the 100-day up at put $9.61. WHEAT Wheat trade is 2 to 4 cents higher on the winter wheat at midday with spring wheat down 5 cents lower. Winter wheat trade is still coming out of its oversold conditions so trade this afternoon could be active. KC is working on four positive finishes in a row and a second daily close above the 10-day moving average today. Minneapolis trade is moving into oversold conditions but for now long liquidation is keeping the trend lower. Canadian production estimates were 25.54 million metric tons, down 19.9% year on year, U.S. production down but the market has been viewing this as old news. On the December Kansas City contract support the 10-day at $4.31 with resistance at the 20-day at $4.49. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.